Long

GOLD - King of the Thieves

Updated

The triangle plays out as expected.

This time I didn't play the short side, because it's getting too dangerous for any short. You have to be very nimble and fast to jump out at the right time from a short position in a spiky bull market like this one. I'm also afraid this might be a tricky breakout without the tag of the lower trendline, so I will play this on the long side only.
The 50 EMA and 50 SMA played an important role in the triangle, so I will use this as an entry for another long position.
RSI is oversold on the hourly and turning up.

Don't forget we are trading with bankster manipulators. In this case you have to act like a thief and expect the unexpected.

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While everybody’s waiting for the tag of the lower trendline of the triangle how about a breakout without a red follow-through day tomorrow ?

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We found support on the 100 SMA on the 1 hr chart.

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Same 100 SMA on the 4hr chart

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... and the 50 SMA on the 8hr chart

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Shouldn’t we print a red candle
Today if we want to tag the lower trendline?
Why is this candle green?

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Because we will break out next week.

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Today's price to watch for the breakout is 1425$.

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Moment of truth.

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I think we are breaking out today.
The move above 1424 will trigger a lot of buys.

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We stopped at the trendline a bit.
If it's a flag it might be breaking out here:

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... and we might have just tested back the breakout:

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DON’T TRY TO SHORT IT. It’s not a fake breakout. If you are in sit tight. If you are not in, no revenge short. 1500 is coming soon. This will go crazy especially if DXY collapses.

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I think the flag is ready to break to the upside.

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I'M not a big fan of today's price action. I have a MOET in the fridge for the weekend, but I will keep it for better times.

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Price was hit hard almost immediatley after NY open.
First it seemed we just back test the green box, then we just sliced through the blue trendline. Now we have the red trendline as possible reversal zone, but this doesn't look good.

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It could drop a bit more and we are still just back testing the red trendline.

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The dollar just can't roll over.

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We have option expiry today:
marketwatch.com/optionscenter/calendar

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That might be the reason for this slam.
If it's because of the expiration, it might rally by the close.
Let's see what happens at 22:00 Berlin time.

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Is the triangle backtest ready finally?

I guess we will get know by Wednesday.

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Tough day for shorts today:

Trade closed manually

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I’m waiting for this 2nd DCL at the 50 MA at around 1410-20. Then one more pop higher wher this IC tops out with the 3rd daily cycle top. Then comes the move into the ICL.

chartwatchers

Also on:

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